Technical Update For GBP/USD, GBP/AUD, GBP/NZD & GBP/CHF: 21.06.2018

Technical Update For GBP/USD, GBP/AUD, GBP/NZD & GBP/CHF: 21.06.2018


GBPUSD’s recent U-turn, mainly due to three MPC members voting in favor of a rate-change, seems fueling the pair towards 1.3230-40 resistance-zone and then to the 1.3310 barrier. However, six-week long descending trend-line, at 1.3410 now, could restrict the pair’s further upside, failing to which highlights the 1.3480 and the 1.3550 resistances ahead of challenging the buyers’ strength by 200-day SMA level of 1.3600 and the 1.3610-20 region. In case if the pair can’t sustain latest pullback, the 1.3080 seems immediate support to watch ahead of observing the 1.3030-20 area. Moreover, pair’s continued south-run beneath 1.3020, also clearing the 1.3000 round-figure, could portray its plunge to 1.2920 & 1.2835.


Unlike GBPUSD, which returned from supports, the GBPAUD is struggling with important resistances, namely the 1.7900-1.7910 horizontal-zone and 100-day SMA level of 1.7945. Hence, the pair has to provide a daily closing beyond 1.7945 in order to justify its capability in targeting 1.8000 and 1.8050 resistances. Should prices rise beyond 1.8050 then the 1.8130 & the 1.8160 could please Bulls. Alternatively, the 1.7860, the 1.7790 and the 1.7720 are likely adjacent supports that can be availed if the pair fall short of clearing nearby resistances. Though, pair’s break of 1.7720 can help the Bears aim for 200-day SMA level of 1.7595.


Even after crossing the 100-day SMA level, the GBPNZD must offer a D1 close beyond 1.9260 if it is to target 1.9320 and 1.9360 resistances. Given the pair manages to successfully trade above 1.9360, the 1.9420, the 1.9460 and the 1.9550 could play their roles as upside hurdles. Meanwhile, the 1.9220 and the 1.9130 may entertain the short-term sellers whereas 1.9000 and the 1.8910-1.8900 could question their power afterwards. Assuming that the pair drops below 1.8900, then it can revisit the 1.8790, the 1.8715 and the 1.8605 rest-points.


GBPCHF’s bounce off the upward slanting trend-line stretched since March may soon be challenged by the descending TL resistance, around 1.3200, which if broken can open the door for the pair’s rise to 1.3230, 1.3270 and the 100-day SMA level of 1.3315. If the quote rallies above 1.3315, the 1.3355 and the 1.3425, including 50-day SMA, may appear in optimists’ radars. On the downside, a D1 close below 1.3095 becomes necessary for the pair to meet the 1.3050 and the 1.3000 mark. Additionally, pair’s break of 1.3000 can stretch its downturn to 1.2955, the 1.2915 and the 1.2860 rest-points.

Cheers and Safe Trading,
Anil Panchal